Global LED Grow Lights Market Anticipated to Reach $2.59 Billion by 2021, Reports BIS Research
With the increase in population and urbanization, the demand for food has increased. Also the need to reduce energy consumption and increasing emphasis on food security have helped the market for LED grow lights to flourish. This combined with developing trend for indoor farming have led to the growth of the LED grow lights market, which is expected to grow at a CAGR of 28.9% through 2016 to 2021.
The report is a compilation of the different segments of global LED grow lights market, including market breakdown by application, power consumption, spectrum type and geographical areas. Herein the revenue generated from the applications, namely: commercial greenhouse, indoor farming, vertical farming, turf and landscaping, and others (Research); power consumption, namely: low power consuming (<300W) and high power consuming (>=300W); spectrum type, namely:; full spectrum and partial spectrum, and geography, namely: North America, Europe, Asia-Pacific, South America, and Middle East and Africa is tracked to calculate the overall market size.
The report also provides market numbers and analysis on cross segments which include power consumption by application and spectrum type by application. While highlighting the key driving and restraining forces for this market, the report also provides a detailed summary of the LED grow lights market. It also includes the key participants involved in the industry at the relevant sections.
The report answers the following questions about the global LED grow lights market: • What is the size, in terms of value ($million) of LED grow lights market in 2016, and growth rate during the forecast period, 2016-2021? • What are different types of applications of LED grow lights? • What is the market share of different types of LED grow lights on basis of power consumption and their growth rate during the forecast period, 2016-2021? • What is the market share of different types of LED grow lights on basis of spectrum type and their growth rate during the forecast period, 2016-2021? • What is the market size of different power consuming LED grow lights, in terms of value, on the basis of different applications? • What is the market size of different spectrum emitting LED grow lights, in terms of value, on the basis of different applications? • What is the LED grow lights market size for different regions and countries in terms of value? • What are the key trends and opportunities in LED grow lights market, pertaining to countries included in different geographical regions? • How attractive is the market for different stakeholders present in the industry by analyzing the futuristic scenario of LED grow lights? • What are the major driving forces that tend to increase the demand for LED grow lights during the forecast period? • What are the major challenges inhibiting the growth of the global LED grow market? • What kind of new strategies is being adopted by existing market players to make a mark in the industry? • What is the competitive strength of key players in the LED grow market by analyzing through market share analysis? • What are the key market players in the market, along with their detailed analysis & profiles (including their financials, company snapshots, key products & services, and SWOT analysis)?
The report puts special emphasis on the market share of the applications of LED grow lights, owing to the changing paradigms in the industry. In spite of this, due to the numerous instances of failed business models and financial pressure, a majority of potential new entrants resist from adopting LED grow lights. The report further includes a thorough analysis of the impact of the Porter’s five major forces to understand the overall attractiveness of the industry. This segment also focuses on the investments done in the LED grow lights market by the market participants.
The most commonly used strategy for developing a better hold on the market has been through business expansions followed by product launch and development. Moreover, the company profile section highlights significant information about the key companies involved along with their financial positions, key strategies & developmental activities of recent years.
Further, the report includes an exhaustive analysis of the geographical split into North America, Europe, Asia-Pacific (APAC), South America and Middle East and Africa. Each geography details the individual push and pull forces in addition to the key players from that region. The prominent players operating in the global LED grow lights market are are Philips Lighting, Osram Licht A.g., Cree, Inc., and Heliospectra AB, among others.
Executive Summary The increasing world population and the rapid urbanization has resulted in an increase in demand for food while conventional farming is on a decline. The world population is expected to reach 9.7 billion by 2050 and according to the United Nations around 66% of those will be living in urban areas.
There is a need to employ better farming methods that help in improving the yields. With food security gaining increased importance in the worldwide scenario, government across the globe are promoting modern farming techniques which help in producing the best yield from each farmed acre.
Vertical and indoor farms help in improving the yields manifold while eliminating the use of chemical fertilizers and pesticides. It has been mentioned in a statistic by Macrothink Institute that the growth of vegetables like carrots, potatoes, tomatoes and lettuce was increased 2-15 times due to the better technology on offer in vertical farms.
Whereas the increase in yield was 340-700 times when the effect of stacking was combined with the technology. Vertical and indoor farms also protect the vegetation from the effects of external climatic conditions like drought which is useful in preventing agricultural losses. LED grow lights are an important part of these farms where they compensate for the absence of sunlight.
Moreover the introduction of LED technology into the grow lights market has been revolutionary as it reduces the energy consumption and heat radiation. Thus LED grow lights provide an effective and efficient solution to the existing problems that the agricultural sector faces.
The need to reduce energy consumption, increasing emphasis on food security and a developing trend for indoor farming have helped the market for LED grow lights to flourish. Several restaurants have setup their indoor farms to bring the farm to plate concept into practice. The increasing demand for healthy food from the highly urban world population and the legalization of marijuana in the U.S. and similar legislations being set up in Canada further drive the growth of the LED grow lights market. In spite of having many benefits, the requirement of a large capital investment and the lack of quality standards for LED grow lights pose a challenge to the growth of the market.
The LED grow lights market is expected to grow from $XX.X million in the year 2016 to $2590.0 million by 2021, at a CAGR of XX.X% from 2016 to 2021. The growth is attributed to the increase in demand for food which leads to the need for increasing farm yields. LED grow light applications provide a solution to the problems faced during conventional farming.
The concept of LED grow lights market revolves around the major applications which include commercial greenhouses, vertical farming, indoor farming, turf and landscaping, and others (research). The market can also be classified on basis of the power consumed by LED grow lights. They can either be low power (<300W) or high power (>=300W). Further, the LED grow lights market can also be classified on the basis of spectrum type. They can either be partial or full spectrum.
The trends of the LED grow lights market varies with different geographical regions. The LED grow lights market holds a prominent share in various countries of Asia-Pacific (APAC), North America, Europe, South America, and Middle East and Africa. The competitive landscape for the LED grow lights market demonstrates an inclination towards companies adopting strategies such as business expansion and product launch and development. The major established players in the market, are focusing more on business expansion to keep a strong hold on the market. Heliospectra, Philips Lighting, and Illumitex are few of the major industry players that have adopted this strategy to grow their business. These companies expanded their business in different countries to expand their customer base in the market.
The need for more R&D and appropriate regulatory environments is a prerequisite for sustained growth of this market. Various government and private research institutes, and regulatory bodies and associations are putting in substantial efforts to identifying how LED grow lights can be important for required food production.
The need for sophisticated farming techniques is necessary to fulfill the increasing demand for food. LED grow lights not only makes farming more productive, it also helps in developing the agriculture and farming sectors in highly urban countries. Farmers need to step up in order to improve the yields and suffice the growing demand. LED grow lights play a major role in doing so. The improving technologies for LED grow lights are expected to reduce their prices. Moreover, the software integration through portable devices can develop further which provides a good growth opportunity for the LED grow lights market.
Countries Covered • North America • U.S. • Canada • Mexico • Europe • Germany • U.K. • France • Netherlands • Spain • Sweden • Italy • Belgium • Poland • Rest of Europe • Asia-Pacific • China • Japan • South Korea • Southeast Asia • India • Australia
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